In the dynamic realm of talent acquisition,where HR has evolved into a strategic function, traditional tools no longer meet the demands of the evolving landscape. Today, recruiters play a pivotal role in reshaping the dynamics between organizations and their employees. Amid this transformation, organizations are turning to innovative solutions to enhance flexibility, anticipate future work trends, and strategically deploy the right skills. A significant player in this paradigm shift is the Talent Sourcing Marketplace.
Once confined to offline processes with limited digital enhancements, the advent of technology catapulted recruitment into the digital era. A talent marketplace, in essence, is a two-sided platform employing AI to align employees and their skills with projects, gigs, mentorships, and full-time roles within an organization. Drawing parallels with how marketplaces transformed other aspects of daily life, such as Uber and Airbnb, talent marketplaces bring on-demand access to qualified candidates, transforming how we work.
In our exploration of talent marketplaces, we shine a spotlight on the rising star—the B2B Talent Sourcing Marketplace. These talent marketplace platforms are redefining hiring dynamics and have emerged as game-changers in the world of hiring, bringing together enterprises and recruiting firms in a highly efficient and streamlined ecosystem.
The reason why B2B talent-sourcing marketplaces are thriving is because of their distinct capabilities of streamlining procurement and hiring processes. Large companies rely heavily on their vendors aka recruiting or staffing firms throughout the year to fulfill their yearly hiring quotas and often large budgets and stakes are involved.
To understand how B2B talent-sourcing marketplaces function, let’s look at a specific example of CBREX, the world’s largest aggregator of remote recruiting firms.
CBREX is revolutionizing the way B2B talent marketplaces operate. It’s a digital platform managed by a VMS. Powered by machine learning, it helps companies connect with validated and curated remote talent-sourcing firms for the positions posted.The talent marketplace platform takes into consideration the capabilities/expertise of talent sourcing firms while mapping them to the open reqs by companies.
On the other hand, CBREX VMS is revolutionizing the way companies manage and engage with their vendors. The two distinct aspects of CBREX’s Vendor Management System are
CBREX VMS is specifically built and designed for hiring full-time employees. It allows companies to move their existing vendors onto the platform and engage with them digitally ensuring information symmetry and monitoring performance.
This is rather interesting. Companies can not only meet their hiring needs through their established vendors on the CBREX platform but can also harness the potential of the CBREX talent marketplace to fill positions beyond the capabilities of their existing vendors. By relying on the specialized expertise of recruiting firms affiliated with the CBREX marketplace, companies can address a wider range of hiring needs.
These b2b talent marketplaces are a win-win for both the parties involved- Enterprise and Recruiting/Staffing firms. Let's break down the benefits for each.
The B2B talent marketplaces address the major challenges faced by companies today while looking for the best talent.
Enterprise recruiters often go through the daunting task of screening an over whelming inflow of resumes when they put up their job postings on job boards, social media, and other platforms. CBREX on the other hand ensures that only pre-vetted and ready-to-be-hired candidates are passed on to the companies in order to simplify screening.
The AI algorithm on the CBREX talent marketplace maps the open jobs to only those vendors who have the expertise to fulfill them. This is the first round of filtration. On the other hand, a candidate's resume undergoes two levels of screening before it’s shared with the company- The first level of screening is done by talent sourcing firms that are mapped to the job, and the second is done on the platform itself leveraging the power of screening questions.
CBREX has introduced the concept of “Fit Score”, a metric designed to assess how closely a candidate's profile aligns with the specific job requirements, providing enterprises with valuable insights into the suitability of the candidates they receive. This drastically reduces the time spent on sifting unwanted and poor-quality resumes.
A large number of talent sourcing firms are empanelled with companies making consistent communication with each vendor difficult. Many companies find themselves working with a large number of low-performing agencies that fail to deliver the desired results. As in many other situations, the Pareto principle applies here, with a relatively small number of agencies filling most open positions, leading to a long tail of low-performing agencies.
CBREX uniquely addresses this challenge with its new-age Vendor Management System (VMS) which is vendor-neutral. It creates a level playing field for all talent-sourcing firms while keeping the interests of its enterprise customers paramount. The platform nature of the CBREX VMS enables enterprises to quickly move all their existing vendors and engage with them digitally on the platform. Its inbuilt communication tool, Ctalk, ensures that all the vendors are equipped with the right and updated information to improve their performance.
Discover how CBREX VMS has streamlined vendor management for companies like Cargill.
CBREX is a cross-border b2b talent marketplace that removes the barrier of geography in sourcing talent. With recruiting firms empaneled on the platform from over all the world, companies get access to a wider pool of talent sourcing firms that have expertise in fulfilling niche positions leading to cost advantage and efficiency.
It becomes a daunting task for recruiters to connect with numerous vendors via multiple channels, also causing loss of information and miscommunication. Ctalk, an in-built communication tool on the CBREX b2b talent marketplace revolutionizes how companies engage with multiple recruiting firms on a single digital interface.
Combining the power of 7 tools - Screening, Scheduling, Feedback, Sharing, Retagging, Downloads, and Chat - Ctalk removes the hassle of using multiple talent acquisition tools and streamlines the end-to-end process.
With a simple yet powerful combination of multiple actions and important filters, CTalk automates what would generally take hours! While multiple tools connect recruiters with vendors, CBREX’s real-time user availability status coupled with the platform-trained sourcing partners easily replace the emails, phones, and chats spread throughout the process.
While enterprises invest significant time in undergoing the vendor empanelment process, the CBREX talent marketplace streamlines operations through a unified contract. This means that enterprises can leverage the power of multiple talent sourcing firms that are empaneled on the CBREX platform and upon successful candidate joining, pay only CBREX based on the agreed-upon payout. CBREX takes care of payments to these talent sourcing firms. CBREX facilitates digital invoicing making the end-to-end hiring process transparent and completely digital.
By connecting with recruiting firms on a global scale, enterprises gain access to a diverse talent pool. This diversity can be a game-changer, especially in industries where specialized skills are in high demand or fulfilling positions for tough-to-hire regions.
“The CBREX talent marketplace platform has enabled us to hire scientists for several R&D roles at our Long Island (NY) facility at very cost-effective rates. The platform is easy to use and gives us a “one-stop-shop” to post a variety of positions across all levels, functions, skills, and experience. Many of the positions have been hard-to-fill roles that required significant recruitment efforts. CBREX has proven to be a reliable partner to support our talent sourcing needs.”
— DeVaughn Stephens
Associate Director and Head of Human Resources
Invagen, a Cipla Subsidiary
It’s essential to analyze the hiring process to remove inefficiencies and non-performance. The CBREX platform provides enterprises with an Analytics Dashboard that gives them a detailed overview of their team’s performance, hiring process, statuses, and pending tasks. With Analytics, enterprises are in a better position to make data-driven and informed decisions at each stage of their hiring cycle, improving efficiency.
The business development wing of recruiting firms is consistently seeking to expand their client base, involving significant business development costs. Recruiting firms empaneled in the CBREX B2B talent marketplace leverage CBREX’s business development efforts to reach an ever-expanding pool of enterprises with open requisitions across multiple industry verticals and geographies.
The CBREX marketplace promotes cross-border recruitment by providing recruiting firms with opportunities to collaborate with premier companies globally, incurring no additional business development costs. CBREX’s due diligence efforts also ensure that recruiting firms encounter only validated and bona fide requisitions posted on the platform by enterprises.
Due to broader access to global open requisitions, commissions on these jobs are quite attractive, boosting revenue for recruiting firms. CBREX’s machine learning-powered curation engine constantly monitors performance and expertise, ensuring that recruiting firms are matched with the right jobs that they are capable of fulfilling. Over time, recruiting firms can establish and strengthen their credentials as specialists in a set of skill domains, giving them an advantage in being mapped more quickly to open jobs.
CBREX b2b talent marketplace offers an end-to-end workflow to efficiently manage a team of recruiters and dramatically improve team productivity. CBREX’s distinctive communication module, Ctalk, combines the power of 5 tools (telephone, email, messaging, data platforms, and spreadsheets) into one single powerful integrated communication tool that makes collaboration with enterprises easy, quick, and effective. Ctalk encourages enterprises to rapidly provide feedback on submitted resumes and hence increase the hiring process velocity.
For every job assigned to a sourcing partner, the commission is predetermined by the client and transparently shared with the sourcing partner. Recruiting firms are not obligated to go through the empanelment process with the clients they serve on CBREX, thus saving them from the tedious procedure. Following the successful onboarding of a candidate, CBREX disburses payment to these recruiting firms according to the predetermined payout period.
Recruiting firms benefit from CBREX's know-how and active pursuit of new job opportunities. Being part of CBREX allows them to stay in the loop about the latest industry hiring, current job market trends, and more. With b2b talent marketplaces like CBREX growing, it makes sense for recruiting firms to spread their reach widely. This way, they can quickly tap into available opportunities and stay well-connected in the job market.
As technology continues to advance, B2B talent-sourcing marketplaces are expected to become even more sophisticated. From AI-driven candidate matching to enhanced security measures, these platforms will likely continue to innovate. Market trends indicate a growing reliance on these talent marketplaces, with the potential to revolutionize the hiring process further.
In the ever-evolving landscape of talent acquisition, B2B Talent Sourcing Marketplaces like CBREX are not just transforming the hiring game but reshaping the entire approach to workforce management. With streamlined processes, global reach, and data-driven insights,these platforms are ushering in a new era of efficiency. As we navigate the future, the question lingers: How will these innovations redefine not just how we hire, but the very nature of work and workforce dynamics itself? The answer lies in the uncharted territories of progress, where the intersection of human expertise and technological prowess holds the key to a new era in talent acquisition.